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REGISTERED NUMBER: 04969629 (England and Wales)















EXEL BEARINGS & ENGINEERING SUPPLIES
LTD

Unaudited Financial Statements for the Year Ended 31 March 2023






EXEL BEARINGS & ENGINEERING SUPPLIES
LTD (REGISTERED NUMBER: 04969629)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EXEL BEARINGS & ENGINEERING SUPPLIES
LTD

Company Information
for the Year Ended 31 March 2023







DIRECTOR: S Thorneywork





REGISTERED OFFICE: Unit 10, Maple Court
Sandwell Business Park
Crystal Drive
Smethwick
West Midlands
B66 1RB





REGISTERED NUMBER: 04969629 (England and Wales)





ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX

EXEL BEARINGS & ENGINEERING SUPPLIES
LTD (REGISTERED NUMBER: 04969629)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,054 5,387

CURRENT ASSETS
Stocks 30,234 30,488
Debtors 5 201,798 157,436
232,032 187,924
CREDITORS
Amounts falling due within one year 6 215,685 158,646
NET CURRENT ASSETS 16,347 29,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,401

34,665

CREDITORS
Amounts falling due after more than one
year

7

39,473

31,667
NET ASSETS 3,928 2,998

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 3,927 2,997
3,928 2,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EXEL BEARINGS & ENGINEERING SUPPLIES
LTD (REGISTERED NUMBER: 04969629)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:





S Thorneywork - Director


EXEL BEARINGS & ENGINEERING SUPPLIES
LTD (REGISTERED NUMBER: 04969629)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Exel Bearings & Engineering Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

EXEL BEARINGS & ENGINEERING SUPPLIES
LTD (REGISTERED NUMBER: 04969629)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 - 13,074 11,255 24,329
Additions 209 1,211 24,329 25,749
At 31 March 2023 209 14,285 35,584 50,078
DEPRECIATION
At 1 April 2022 - 12,435 6,507 18,942
Charge for year 39 322 3,721 4,082
At 31 March 2023 39 12,757 10,228 23,024
NET BOOK VALUE
At 31 March 2023 170 1,528 25,356 27,054
At 31 March 2022 - 639 4,748 5,387

The net book value of tangible fixed assets includes £ 21,795 in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 161,317 111,373
Directors' current accounts 39,621 46,063
Prepayments 860 -
201,798 157,436

EXEL BEARINGS & ENGINEERING SUPPLIES
LTD (REGISTERED NUMBER: 04969629)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 34,043 38,869
Hire purchase contracts 4,120 1,924
Trade creditors 129,716 69,415
Social security and other taxes 40,489 44,509
Other creditors - 750
Accrued expenses 7,317 3,179
215,685 158,646

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 11,666 21,667
Hire purchase contracts 17,807 -
39,473 31,667

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
S Thorneywork
Balance outstanding at start of year 46,063 22,346
Amounts advanced 56,466 73,717
Amounts repaid (62,909 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,620 46,063